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- Release Date: 13/02/12 16:20
- Summary: ASSET: ARG: ARG announces sale of properties - Porirua & Palmerston Nth
- Price Sensitive: No
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ARG
13/02/2012 14:20
ASSET
REL: 1420 HRS Argosy Property Trust
ASSET: ARG: ARG announces sale of properties - Porirua & Palmerston Nth
Argosy Property Trust today confirmed the unconditional sale of four
contiguous retail properties in Porirua. The sale, which will settle on 30
March 2012, is for a total of $16,200,000 representing 106% of the combined
current book values.
The properties had been identified as having longer term development
potential, however this has been determined to be unlikely to be feasible for
a number of years.
Argosy has also sold, at current book value, the property at 547-551 Main St
in Palmerston North. The property had been vacant since the relocation of
Rebel Sports late last year. The complimentary property previously occupied
by Briscoes is the subject of negotiations currently.
- ENDS -
Press enquiries
Peter Mence
Chief Executive Officer
Argosy Property Management Ltd
Telephone: 09 304 3411
Email: [email protected]
Dave Fraser
Chief Financial Officer
Argosy Property Management Ltd
Telephone: 09 304 3469
Email: [email protected]
Argosy Property Trust
Argosy Property Trust is the most diversified property trust listed on the
New Zealand Stock Exchange. It has a $925 million portfolio of 69 properties,
with 250 tenants across the retail, commercial and industrial sectors. The
Trust has a low risk focus on quality properties where value can be added and
properties modernised to extend their effective utilisation.
End CA:00219457 For:ARG Type:ASSET Time:2012-02-13 14:20:21
